03253nam 2200613Ia 450 991045274110332120200520144314.01-4755-5221-11-4755-4068-X(CKB)2550000001041561(EBL)1607085(SSID)ssj0000943857(PQKBManifestationID)11593005(PQKBTitleCode)TC0000943857(PQKBWorkID)10983183(PQKB)11645444(MiAaPQ)EBC1607085(Au-PeEL)EBL1607085(CaPaEBR)ebr10661252(OCoLC)820377579(EXLCZ)99255000000104156120121205d2012 uy 0engurcn|||||||||txtccrTaxation and leverage in international banking[electronic resource] /prepared by Grace Weishi Gu, Ruud de Mooij, and Tigran PoghosyanWashington, D.C. International Monetary Fundc20121 online resource (36 p.)IMF working paper ;WP/12/281Description based upon print version of record.1-4755-4938-5 1-4755-7220-4 Includes bibliographical references.Cover; Contents; I. Introduction; II. Theoretical Model; III. Empirical Methodology and Data; A. Methodology; B. Data; IV. Results; A. Baseline Regressions; B. Robustness Checks; C. Extension: Capital Tightness; V. Conclusions; References; Technical Appendix; Figures; 1. Bank Leverage Histogram; Tables; 1. Variable Source and Construction; 2. Summary Statistics; 3. Correlations; 4. Number of Banks; 5. Average Financial Leverage and Tax Rates; 6. Baseline Estimation Results; 7. Robustness Check Estimation Results: Standard Errors; 8. Robustness Check Estimation Results: Alternatives9. Robustness Check Estimation Results: Leverage Skewness and Tax Trend 10. Robustness Check Estimation Results: Subsamples; 11. Estimation Results: Capital TightnessThis paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxesIMF Working PapersTaxationEconometric modelsFinancial leverageEconometric modelsElectronic books.TaxationEconometric models.Financial leverageEconometric models.Gu Grace879389Mooij Ruud A. de879390Poghosyan Tigran873351MiAaPQMiAaPQMiAaPQBOOK9910452741103321Taxation and leverage in international banking1963645UNINA